Mortgage Connects
The truth about private mortgage insurance
It’s not what your borrowers think
Navigating the intricacies of private mortgage insurance (MI) can be a daunting task for borrowers. As their loan officer, you have a unique opportunity to demystify MI and introduce them to these advantages:
- Increased buying power: Because MI makes it possible to buy a home with less than 20% down, homebuyers can reach savings goals faster and become homeowners sooner than otherwise possible
- Expanded cash flow options: Borrowers can benefit by putting less money down and keeping cash for other uses, like making investments, paying off debt or paying for home improvements
- Cancellable over time: In most cases, borrowers will be able to cancel MI when they accrue enough equity in their home, lowering their monthly payment
Educate your borrowers with this handy MI info sheet. It provides real-life examples to help them see how the benefits of MI can add up for them.
